Washington

Merrill Gardens, NHI Acquire Six-Property Independent Living Portfolio in California, Washington

by Amy Works April 19, 2022

CALIFORNIA AND WASHINGTON — A joint venture between owner-operator Merrill Gardens and publicly traded REIT National Health Investors (NYSE: NHI) has acquired six independent living communities located on the Pacific Coast. The communities were formerly managed by Holiday Retirement, and more recently, Atria Senior Living. The price and seller were not disclosed. The communities will be rebranded as part of the Truewood by Merrill brand. The properties include: Truewood by Merrill, Fig Garden; Fresno, Calif.; 103 units Truewood by Merrill, Modesto; Modesto, Calif.; 120 units Truewood by Merrill, Pinole; Pinole, Calif.; 98 units Truewood by Merrill, Roseville; Roseville, Calif.; 117 units Truewood by Merrill, West Covina; West Covina, Calif.; 110 units Truewood by Merrill, Vancouver; Vancouver, Wash.; 103 units NHI was already the owner of the communities and leased them to third-party operators. The acquisition brings in Merrill Gardens as the new operator under a joint-venture structure rather than a lease.

April 19, 2022

Acquisitions Development Life Sciences Top Stories Washington Western

BioMed Realty Acquires Life Sciences Development Site in Seattle for $127M

by Taylor Williams April 18, 2022

SEATTLE — BioMed Realty, a San Diego-based owner-operator of healthcare real estate and a Blackstone portfolio company, has acquired a life sciences development site in Seattle. The sales price was $127 million, according to The Puget Sound Business Journal. BioMed plans to develop 616,000 square feet of life sciences space at the site, which is known as Denny Park South and comprises two adjacent parcels totaling 1.6 acres in South Lake Union/Denny Triangle neighborhood. The location is also near a variety of healthcare facilities and research institutions, notes Jon Bergschneider, president of West Coast markets at BioMed Realty. “The South Lake Union/Denny Triangle cluster is flush with renowned research institutes like the University of Washington School of Medicine, Gates Foundation, Fred Hutchinson Cancer Research Center and the Allen Institute, as well as large tech users such as Amazon, Meta and Apple,” he says. Following this development, BioMed’s life sciences portfolio in Seattle, which includes the recently completed flagship Dexter Yard project in South Lake Union, will total approximately 1.8 million square feet. A tentative construction timeline for the Denny Park South project was not disclosed. The acquisition of Denny Park South follows BioMed’s purchase of T6 Innovation Center, located at …

April 18, 2022

Development Multifamily Washington Western

Ethos Breaks Ground on 160-Unit Moraine Apartment Project in Tacoma, Washington

by Amy Works April 11, 2022

TACOMA, WASH. — Portland, Ore.-based Ethos Development has broken ground on The Moraine, a multifamily property in Tacoma. The eight-story, 115,000-square-foot podium building will include 160 apartments, a fitness center, media room, roof deck with communal kitchen and billiards room. The project has a voluntary target of 25 percent minority and disadvantaged business participation during construction, a target to recycle 70 percent of the construction waste stream, and the building will have both onsite solar panels and a green roof. The units are designed to provide market-rate affordability by way of efficient floor plans, and 20 percent of the units will be available to those earning no more than 80 percent of area median income as part of the tax exemption program of Pierce County. The project team includes Portland-based Works Progress Architecture, Walsh Construction Co. and Ethos Commercial Advisors.

April 11, 2022

Acquisitions Industrial Net Lease Washington Western

Marcus & Millichap Brokers Sale of 47,983 SF Net-Leased Industrial Property in Yakima, Washington

by Amy Works April 8, 2022

YAKIMA, WASH. — Marcus & Millichap has arranged the sale/leaseback of Franz Bakery, a net-leased property in Yakima. A Seattle-based limited liability company acquired the distribution facility for $3.2 million. Clayton Brown, Peter Nisbet and Ruthanne Romero of the Brown Retail Group team of Marcus & Millichap’s Seattle office represented the seller, a limited liability company, while Brown also represented the buyer in the transaction. Located at 31 N. 4th Ave., the 47,983-square-foot property is used as a Franz Bakery distribution center.

April 8, 2022

Acquisitions Industrial Self-Storage Washington Western

SecureSpace Buys 32,661 SF Stadium Storage in Everett, Washington

by Amy Works April 6, 2022

EVERETT, WASH. — SecureSpace has purchased Stadium Storage, a self-storage facility located at 8407 Broadway Ave. in Everett. The buyer plans to rebrand the property as SecureSpace Everett. The four-story property offers 32,661 square feet of 100 percent climate-controlled units and 79 rentable parking spaces. Built in 2016, the property is 96 percent occupied. SecureSpace plans to expand the property to increase visibility of the 2.5-acre site. The newly rebranded property will offer free WiFi throughout and a contactless rental process. Terms of the transaction were not released.

April 6, 2022

Acquisitions California Company News Maryland Oregon Retail Southeast Top Stories Washington Western

First Washington Realty Goes Shopping, Acquires Donahue Schriber Realty Group

by John Nelson April 5, 2022

BETHESDA, MD. AND COSTA MESA, CALIF. — Bethesda-based retail real estate owner First Washington Realty (FWR) has purchased Donahue Schriber Realty Group Inc., a shopping center owner based in Costa Mesa. An affiliate of FWR acquired the private retail REIT and its portfolio of grocery-anchored, open-air centers from institutional investors advised by J.P. Morgan Global Alternatives. The transaction adds 47 shopping centers, as well as one DSRG-owned office property, for a combined 6 million square feet to FWR’s holdings. The sales price was not disclosed, but Bloomberg reported in February that the negotiations for the deal valued DSRG and its assets at north of $3 billion. The news outlet also reports that the California Public Employees’ Retirement System (CalPERS) was an equity partner with FWR on the deal and that JPMorgan Asset Management and the New York State Teachers’ Retirement System (NYSTRS) were among DSRG’s largest investors. For FWR, the deal expands its presence on the West Coast, including in high-profile markets such as the Bay Area, Orange County, Seattle, Portland, San Diego and Sacramento. The deal also expands FWR’s corporate base on the West Coast, as its executive management team now oversees DSRG’s existing offices in Orange County, San …

April 5, 2022

Acquisitions Office Washington Western

Swift Real Estate Partners Buys Office Building in Seattle’s South Lake Union for $39.5M

by Amy Works April 1, 2022

SEATTLE — Swift Real Estate Partners has acquired 425 Pontius, a boutique office building in Seattle’s South Lake Union neighborhood, from a local private partnership for $39.5 million. Located at 425 Pontius Ave. North, the building features four stories of office space, surface parking and two levels of underground parking. The building was originally constructed in 1982 with a renovation in 2018 of the budling’s three-story lobby. The 75,267-square-foot 425 Pontius is 60 percent leased to tenants in the fields of biotech, healthcare and professional services, with Fred Hutch Cancer Research Center as the building’s largest tenant. Swift plans to reposition the property with a rebrand and full renovation, including an exterior modernization and cosmetic upgrades to the lobby, elevators and common areas. Tom Pehl and Charles Safley of CBRE’s Pacific Northwest-based capital markets team advised the seller in the transaction. Brad Zampa and Mike Walker of CBRE’s Debt & Structured Finance group is advising Swift Real Estate Partners in securing new market-rate financing.

April 1, 2022

Acquisitions Multifamily Washington Western

Everett Housing Authority Buys Huntington Park Apartments in Washington for $118M

by Amy Works March 28, 2022

EVERETT, WASH. — Everett Housing Authority (EHA) has acquired Huntington Park Apartments, an affordable multifamily property in Everett, for $118 million. The acquisition is part of EHA’s large-scale affordable housing preservation strategy. Built in 1991 on 14 acres, the property features 381 apartments, a fitness center, pool, dog park and clubhouse. EHA plans to renovate the property over the next several years with new windows, parking lot repair and sealcoat, roof replacements, and unit renovations as units turn over. KeyBanc Capital Markets’ public sector team arranged the 100 percent loan-to-cost short-term debt for the acquisition.

March 28, 2022

Development Industrial Washington Western

Duke Realty Plans 261,362 SF Spec Industrial Project in Kent, Washington

by Amy Works March 23, 2022

KENT, WASH. — The Seattle office of Duke Realty has started the development of a speculative industrial property at 7409 S. 202nd St. in Kent. Duke Realty purchased the 12.2-acre site in February 2021. The 261,362-square-foot property will feature 40-foot clear heights, 26 dock doors, 34 trailer stalls and parking for more than 260 cars. The facility will have access to Highway 167, as well as interstates 405 and 5. Completion is slated for early 2023. Matt Wood of KBC Advisors and Jim Kidder and Nick Ramirez of Kidder Mathews will be listing agents for the development.

March 23, 2022

Acquisitions Retail Washington Western

Marcus & Millichap Brokers $1.9M Sale of Nix 99 Retail Property in Lynnwood, Washington

by Amy Works March 9, 2022

LYNNWOOD, WASH. — Marcus & Millichap has brokered the sale of The Nix 99 Building at Mukilteo Gateway, a retail property in Lynnwood. A private investor sold the asset to Lighthouse Diving for $1.9 million. Located at 13718 31st Ave. W, The Nix 99 Building at Mukilteo Gateway features 5,200 square feet of retail space. At the time of sale, the property was vacant. The new owner plans to open a diving gear superstore at the site. Christopher Secreto and Stren Lea of Marcus & Millichap’s Seattle office represented the seller, while Art Thimpson of NAI-PSP represented the buyer in the deal.

March 9, 2022

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